E-Money Faces Police Investigation Over N1.2bn Dispute with Lagos Firm

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Emeka Okonkwo, popularly known as E-Money and the Chief Executive Officer of Emy Cargo and Shipping Services Limited, is currently under investigation by the Force Criminal Investigation Department Annex, Alagbon.

The investigation stems from an alleged N1.2 billion dispute between Okonkwo and Autocorp Limited, a vehicle dealing company based in Lagos State.

According to a police source who requested anonymity, both Okonkwo and the aggrieved party have been summoned for questioning. Furthermore, an additional meeting has been scheduled to delve into the details of the case.

To shed light on the origins of the dispute involving the substantial sum of money, our correspondent engaged in a conversation with Patricia Iduwre, the sales manager of Autocorp Limited. During the discussion, it was revealed that the company had entrusted Okonkwo with the task of clearing eight vehicles in 2020/2021. These vehicles consisted of six TXL Prado and two Lexus jeeps, with a cumulative value of N1.2 billion. However, despite Okonkwo’s clearance of the vehicles, Autocorp Limited has yet to take possession of them.

Iduwre expressed her concerns, stating, “When we gave him the vehicles to clear, they were valued at N1.2 billion. Initially, we believed the vehicles were stored in his warehouse, but recently, he informed us that he had sold them. His justification for the sale was that we owed him money, which is untrue. In our line of business, payment is made after the agent supplies the vehicles, and in this case, none of the vehicles were supplied. We sought legal assistance and reported the matter to the police. It was during the ensuing dialogue that we discovered he had sold the vehicles. When confronted by the police, he claimed that our chairman instructed him to sell the vehicles, but our chairman refuted this claim. Our chairman also urged the police to request evidence from Okonkwo to substantiate his statement.”

Iduwre emphatically demanded the return of the vehicles and called upon the police to conduct a thorough investigation into the matter. She added, “The police questioned Okonkwo about his claim that he sold the vehicles at our chairman’s behest, but if that were the case, then where is the money? Okonkwo stated that he used the money to settle debts. Yet, when asked about the nature of these debts, he mentioned that our chairman instructed him to use the vehicles as collateral for a bank loan. Our chairman vehemently denied this allegation, asserting that he is fully capable of securing a bank loan on his own. Our sole objective is to retrieve the vehicles we entrusted Okonkwo to clear; we have no interest in monetary compensation.”

In a petition addressed to the FCID, Raymond Olaiya, the lawyer representing Autocorp Limited, described the dispute between the company and Okonkwo as involving “stealing, fraudulent conversion, and criminal sale.” The petition urged the FCID to intervene and investigate the matter promptly. The vehicles in question were part of a larger group of imported vehicles contracted to Emy Cargo for clearance at the Nigerian Ports in Apapa between 2020 and the first quarter of 2021. However, the eight Four-Wheel Drive jeeps have yet to be delivered to Autocorp Limited despite being cleared by Emy Cargo.

Okonkwo, when contacted, refuted the allegations, stating that there was indeed a business transaction between both parties. He remarked, “The accusation is false and baseless. There was a resolution and a legitimate business transaction between us. However, I am currently out of town, and it wouldn’t be appropriate to discuss this over the phone. I suggest we meet in person on Friday, where I can provide my side of the story.”

Aminat Mayegun, the spokesperson for the FCID Annex in Alagbon, confirmed that Okonkwo is under investigation. She stated, “Yes, we are investigating the matter concerning Okonkwo. The investigation is focused on conversion and is being conducted by the Anti-Human Trafficking Unit of the Force. We have extended an invitation to Okonkwo, and he has acknowledged the investigation. Based on the petition, he has previously been invited and has cooperated. We have scheduled another meeting with both parties involved to further discuss the case.”

 

 

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